Tully Fund of the Family Medicine Foundation of West Virginia

Family Medicine Foundation of WV / Tully Fund

TypeScholarship

Amount$5k - 10k

Description

In 1994, Dr. C. Carl Tully and Margaret Tully established an irrevocable, Charitable Remainder Unitrust Fund. Due to their faith in the leadership of the Foundation and their shared similarity of goals, Dr. and Mrs. Tully chose the Foundation as a recipient of 25% of the trust fund with West Virginia University Foundation and the University of Charleston as the recipients of the remainder of the fund. Both Dr. Tully and Margaret possess a great love for the specialty of Family Medicine and an unselfish desire for West Virginia citizens to have access to quality, affordable healthcare through a caring and well-trained family physician. Dr. Tully graduated from West Virginia University School of Medicine and Medical College of Virginia. He was in private practice in South Charleston for 26 years, but two years of the twenty-six years were spent in active duty during the Korean War. He was the Founder and Director of the Kanawha Valley Family Practice Residency Program, where he inspired and trained many young Family Medicine Residents. He has been a member of the West Virginia Academy of Family Physicians since April 1, 1949. Although Carl and Margaret do not seek publicity for their generous gift, they have agreed to some recognition as a means of encouraging others to establish a similar fund. Establishing a Charitable Remainder Trust Fund is a way to give to your choice of worthwhile charitable endeavors and prevent much of your estate from going to the government for taxes. Originally, the Unitrust was not to be distributed until after their deaths. However, they have initiated a change and the funds will be distributed now, so they can “give flowers” while they are still among us and see the benefits of their generosity. As a result of this change, the Family Medicine Foundation received funds in the amount of $199,337.73 in June 2006. The principal amount will remain in the fund with the annual interest being used for medical student scholarships. At a fixed rate of five per cent, the fund should generate about $10,000 per year. The Dr. C. Carl Tully & Margaret Tully Medical Student Fund is governed by the Family Medicine Foundation of West Virginia Board with a Tully Fund Selection Committee composed of representatives from the Foundation Board, GFWC West Virginia, medical schools and the medical profession. Each year the Selection Committee will select recipients in early April from among the qualified applicants. Scholarships to individual 3rd and 4th year medical student recipients in the amount of $5,000 per year or a total of $10,000 total for the third and fourth years of medical school may be awarded on the basis of need and interest in Family Medicine. A student receiving a Tully Scholarship promises to specialize in the field of Family Medicine in the state of West Virginia for one year upon completion of his/her intern or residency training. After one year of practice is completed, the Family Medicine Foundation of West Virginia Tully Fund agrees to waive repayment. If the recipient fails to fulfill the agreement, he/she will be obligated to repay the scholarship plus interest.